A Cruel, Cruel Summer for U.S. Credit Funds _ Reuters

7/28/2019 A Cruel, Cruel Summer for U.S. Credit Funds _ Reuters

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el, cruel summer for U.S. credit funds | Reuters

www.reuters.com/article/2013/07/05/us-hedgefund-performance-credit-idUSBRE96411W20130705?feedType=RSS&feedName=businessNews[6/07/2013 10:49:59 p.m.]

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By Katya Wachtel and Sam ForgioneNEW YORK| Fri J ul 5, 2013 7:36pm EDT

(Reuters) - It's shaping up to be a brutal summer forbond investors as the bloodbath in the U.S. creditmarket shows no signs of letting up, even as nearly$80 billion has already been wiped from funds.

The past six weeks have been humbling for well-known fund managersincluding Bill Gross of P IMCO, J effrey Gundlach of DoubleLine Capital andRay Dalio of Bridgewater Associates - all victims of a violent sell-off in U.S.

Treasuries, mortgage-backed securities or inflation-protected bonds.

On Friday, the yield on the benchmark 10-year Treasury note touched2.73 percent, gaining more than a full percentage point since early May,as better-than-expected U.S. jobs data fanned speculation that the FederalReserve could begin to scale back its $85 billion-a-month bond-buyingstimulus this fall.

While some bond managers are putting on a brave face, saying themarket's broad-based sell-off is overdone, others recall the sharp rise ininterest rates two decades ago that wreaked havoc on some bondportfolios. In J une alone, bond mutual funds and exchange-traded funds

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lost a record $79.8 billion, according to TrimTabs Investment Research. That data does not include losses incurred by hedge funds.

"Five years of bond investors' income wiped out in a single quarter istough. Not knowing if next quarter will reverse that, or repeat it is tougher,"said J ohn Brynjolfsson, managing director of global macro hedge fund Armored Wolf LLC.

Friday's jobs report cemented market expectations for the Fed to start winding down its massivestimulus program as early as September.

With Fed Chairman Ben Bernanke warning that the central bank will not keep buying Treasuriesand mortgage securities forever, the yield on the 10-year Treasury note has surged 110 basispoints since its low close of 1.62 percent on May 2 and the yield on some 30-year agencymortgage-backed securities has risen about 1 percentage point to about 3.71 percent.

J ohn Paulson's $5.8 billion credit fund at his Paulson & Co firm lost 3.8 percent in J une, accordingto an investor letter. The fund is still up 11.7 percent for the year.

BlackRock's Obsidian Fund fell 4 percent through J une 21 and Pine River's Fixed Income Fundlost about 1.4 percent last month, sources familiar with the matter have said.

It's too soon to know how deep the carnage will go as many credit-focused hedge funds have notyet reported J une performance numbers. But the early indications are that few with credit market

exposure will be immune, especially as bond yields keep surging and bond prices keep falling.

Syl Flood at Morningstar, which tracks mutual funds, said the amount of money being pulled out of bond mutual funds is akin to levels he saw after Lehman Brothers collapsed in September 2008,which caused investors to run from most asset classes, including bonds.

In J une, investors withdrew a record $9.6 billion from Pacific Investment Management Co'sflagship PIMCO Total Return Fund, the world's largest bond fund, which is down 3 percent for theyear, according to Morningstar.

Investors pulled $1.2 billion out of the DoubleLine Total Return Bond Fund in J une, marking thefirst ever month of outflows from the $38.7 billion fund, which is down 0.43 percent for the year,according to Morningstar.

The TCW Total Return Bond Fund logged its biggest monthly outflow since December 2009, with$745 million leaving in J une, according to Morningstar. The fund was down 2.075 percent in J une,its weakest performance since February 1996.

DoubleLine's Gundlach had kept substantial cash reserves in anticipation that many months of netinflows ultimately would go through some period, at least over the short term, of a reversal, aDoubleLine spokesman said.

PIMCO declined to comment, while TCW was not immediately available for comment.

OVERSOLD?

Bond managers have been quick to say the selling is excessive and J une's losses may be short-

lived. Unlike 20 years ago, there is no indication that the Fed is about to raise real interest ratesanytime soon even if Treasury yields keep surging, they say.

"This is nowhere close to being as impactful as some things in the past," said Dan Fuss, vicechairman and portfolio manager at Loomis Sayles. "The pain, I think, would be for somebody thatwould have to sell into this."

The Loomis Sayles Bond fund, the company's $21.8 billion flagship offering, has seen net outflowsof roughly $656 million for J une despite an average gain of 0.61 percent in the year through J uly3.

The hardest hit bond categories in J une, according to Lipper, include intermediate investment-grade debt funds; high-yield "junk" bond portfolios, and inflation-protected securities funds.

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The list of casualties goes further than purely bond-focused funds. Some funds that rely oncomputer-driven trading strategies were whipsawed by the fierce sell-off in bonds and asimultaneous drop in global stock markets.

For instance, Renaissance Technologies Corp, the hedge fund founded by J ames Simons, saw itsRenaissance Institutional Futures Fund lose roughly 4 percent in J une, putting yearly losses at 7percent, according to data reported to prime broker Newedge.

BlueCrest's BlueTrend fund saw one of its feeder funds register a 16.9 percent slump from May 17to J une 28, Bridgewater's All Weather fund is down 6.49 percent year to date, and Tudor

Investment Corp, the $11.6 billion hedge fund firm founded by Paul Tudor J ones, saw its $283million Tudor Tensor Fund lose 4.5 percent in J une, and is down roughly 2.2 percent for the year.

(Reporting by Katya Wachtel and Samuel Forgione; Additional reporting by Svea Herbst-Bayliss;Editing by J ennifer Ablan, Tiffany Wu and Tim Dobbyn)

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4/5



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5/5


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